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| Version 0 | Version 1 |
|---|---|
| Santander makes bid for RBS unit | Santander makes bid for RBS unit |
| (about 4 hours later) | |
| The European Commission has forced RBS to sell the unit | The European Commission has forced RBS to sell the unit |
| Spanish bank Santander has submitted an offer to buy Royal Bank of Scotland's (RBS) Williams & Glyn's subsidiary. | Spanish bank Santander has submitted an offer to buy Royal Bank of Scotland's (RBS) Williams & Glyn's subsidiary. |
| RBS is selling the unit and its 318 branches after the European Commission ruled last year that it must dispose of the business as a condition of the bank being bailed out by the UK government. | RBS is selling the unit and its 318 branches after the European Commission ruled last year that it must dispose of the business as a condition of the bank being bailed out by the UK government. |
| Santander said it had joined the tender process for the sale, but it was not sure when the process would end. | Santander said it had joined the tender process for the sale, but it was not sure when the process would end. |
| Virgin Media has declined to confirm reports it has ended its bid interest. | |
| "We are looking at market opportunities as and when they arise," said a Virgin Media spokesman. | |
| National Australia Bank and US private equity group Blackrock had also been named as potential bidders, but reports have said they have dropped out of the running. | |
| 'Sale still open' | |
| RBS said it was "seriously reviewing" Santander's offer, but added that the tender process remained open to other interested parties. | |
| "This remains a competitive process and we will continue to do what is right for our shareholders in disposing of these assets," it said in a statement. | |
| RBS has until 2013 to complete a sale. | |
| Santander already has a substantial presence on the UK High Street having bought Abbey National, Alliance & Leicester and Bradford & Bingley in recent years. | Santander already has a substantial presence on the UK High Street having bought Abbey National, Alliance & Leicester and Bradford & Bingley in recent years. |